Mike Ashley’s Frasers Group Plc is in talks to buy Savile Row tailor Gieves & Hawkes, according to a person familiar with the matter.
Gieves & Hawkes was put up for sale in July after its owner, Hong Kong-listed Trinity Ltd., entered liquidation last year. A deal would add one of the best-known names in British tailoring to Frasers’ portfolio, which includes Sports Direct and Flannels.
There’s no guarantee an agreement will be reached and talks could still fall through.
A purchase would see Gieves & Hawkes join a long list of struggling retailers that Frasers has snapped up over the years. The retailer bought online businesses Missguided and Studio Retail Group out of administration earlier this year and has previously bought high street names Jack Wills, Evans Cycles and Agent Provocateur. It also owns a stake in suit maker Hugo Boss AG.
A spokesperson for Frasers and a representative for Trinity’s liquidators declined to comment. Sky News reported the news earlier.
Trinity is one of several companies that ran into trouble after being taken over by Chinese textile manufacturer Shandong Ruyi Group.
The Hong Kong company agreed to buy Gieves & Hawkes in 2012 for an initial £32.5 million ($38 million) plus as much as £60 million in earnout payments.
Frasers has continued its acquisitive streak under Chief Executive Officer Michael Murray, Ashley’s son-in-law, who took over the reins in May.
By Katie Linsell
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The parent company of Gieves & Hawkes, Hong Kong-listed fashion group Trinity Ltd., was put into liquidation in 2021.